India's GDP May Contract by 6.4% in FY 2020-21 Due to COVID-19 Pandemic: Care Ratings

India's GDP May Contract by 6.4% in FY 2020-21 Due to COVID-19 Pandemic: Care Ratings

India's GDP May Contract by 6.4% in FY 2020-21 Due to COVID-19 Pandemic: Care RatingsThe sharper fall in real GDP also means that the nominal GDP for the year will also decline assuming inflation of 5 per cent which in turn will affect the projected fiscal deficit number of the central government which will be in the region of 8 per cent for FY21. Care, however, said the positive growth will come from only agriculture and the government sector.